VTY Vistry Group Plc

level of customer service being delivered by the Group. 
Principal risks and uncertainties 
In a manner consistent with the Disclosure and Transparency Rules, the Board has 
formally identified a number of principal risks and uncertainties that may 
impact the business, reporting on these in full in its 2009 annual report and 
accounts.  The purpose of so doing is to ensure that the Group is able to 
arrange its affairs such that it can avoid the risk or mitigate the impact of 
the risk occurring.  A number of these risks relate to the Group's day to day 
operations, such as the risk of accidents occurring as a result of breaches of 
health & safety standards or of environmental damage arising. 
Other risks and uncertainties are inherent in the activity of speculative 
housebuilding and are principally commercial in nature.  During the worsening 
trading environment, the Group reviewed and reassessed the likelihood and impact 
of risk occurring in this changing business environment.  Having done so, the 
Group identified that the principal commercial risks of the business fell into a 
number of categories, principally market driven risks around the ability to 
deliver sales pricing and sales volume, legislative risks posed by planning and 
legislation changes and liquidity risks given the difficulties in financial 
markets. 
Given the strong investment in new consented land over the last six months, 
together with the Group's expectations of further investment in the near term, 
the risks associated with delivering future sales volumes have lessened.  The 
housing market has remained stable in terms of transactional activity and the 
ability of the Group to trade from an increased number of sales outlets in 
future periods will assist in achieving the targeted sales volumes. 
Mortgage availability has improved during the first half of 2010 although still 
constrained relative to the period prior to the housing market downturn, and 
house prices have stabilised with small improvements within the new homes 
market, with the south of England stronger than the Midlands and the north of 
England. 
Recent changes to the planning environment have increased the levels of 
uncertainty around obtaining residential planning consents.  The Government has 
been swift to announce its planned changes to the planning system and there 
appears a heightened risk that a period of hiatus will arise as local planning 
authorities react to the changing rules by slowing decision making.  There is 
now a risk that certain areas of the country will see limited positive decisions 
for planning consent for new homes until new planning legislation is released in 
2011.  The strategy of the Group, implemented in the second half of 2009, to 
invest significantly in land which already has a residential planning consent 
will ensure that the Group has a strong pipeline of consented land on which to 
develop during the next few years without being significantly impacted by the 
aforementioned risks to planning.  Many of the Group's long term interests in 
strategic land remain strong contenders for planning consent, although the 
timing of such consents may be delayed by virtue of the current planning system 
changes. 
Cumulative sales 
Cumulative sales achieved to 30 June 2010 for 2010 legal completion stood at 
1,474 homes as compared to 1,364 homes at the same point last year.  Within 
these totals, private sales stood at 1,150 homes in 2010 compared to 1,086 homes 
in 2009, reflecting a 6% increase.  In the first half of the year, the Group 
achieved a net private sales rate per site per week of 0.42 reservations, ahead 
of the comparable net private sales rate achieved in the first half of 2009 of 
0.39 reservations per site per week. 
Prospects 
Cumulative sales achieved to 20 August 2010 for 2010 legal completion stood at 
1,637 homes as compared to 1,519 homes at the same point last year, an 8% 
increase year over year.  Within this total, private sales now stand at 1,313 
homes, up 5% on the 1,250 home sales achieved to the same point last year. 
Based on the assumption that current housing market conditions prevail, the 
Group is targeting the legal completion of c1,600 private homes during 2010 as 
compared to 1,527 private home legal completions in 2009, representing an 
increase of 5%. 
The Group has traded well through the housing market downturn and is strongly 
positioned to exploit opportunities to expand the Group based on investment at a 
low point in the housing market cycle.  2010 will be a year of improved profit 
performance and strong land acquisition, both of which will enable the Group to 
demonstrate that it has added shareholder value in a tough operating 
environment.  The Group will continue to use its strong balance sheet position 
to invest in cost effective consented land opportunities in the near term with 
the aim of increasing its land bank of consented plots.  This strategy will 
increase the output capacity of the Group through holding a larger land bank 
across an increased number of housing sites.  This new land has been acquired 
based on acquisition appraisals which achieve returns in line with the Group's 
hurdle rates using current sales prices.  Therefore, based on current market 
conditions, these new sites will provide the Group the potential to improve 
profit margins and investment returns over the coming years as these new sites 
begin to deliver legal completions.  The combination of increased volume from a 
greater number of sites with improved margins will contribute strongly to the 
profit growth of the Group, without reliance on a general housing market 
recovery. 
 
 
Bovis Homes Group PLC 
Group income statement 
 
+---------------------------------+-------------+-+-------------+-+---------+-+-------------+-+-------------+-+----------+-+-------------+--+-------------+--+----------+--+ 
| For the six months ended 30     |         Six months ended 30 June          |          Six months ended 30 June          |          Year ended 31 December 2009          | 
| June 2010                       |                   2010                    |                    2009                    |                                               | 
+---------------------------------+-------------------------------------------+--------------------------------------------+-----------------------------------------------+ 
| (unaudited)                     |      Before | | Exceptional | |   Total | |      Before | | Exceptional | |    Total | |      Before |  | Exceptional |  |    Total |  | 
|                                 | exceptional | |       items | |         | | exceptional | |       items | |          | | exceptional |  |       items |  |          |  | 
|                                 |             | |             | |         | |       items | |             | |          | |       items |  |             |  |          |  | 
|                                 |       items | |             | |         | |             | |             | |          | |             |  |             |  |          |  | 
+---------------------------------+-------------+-+-------------+-+---------+-+-------------+-+-------------+-+----------+-+-------------+--+-------------+--+----------+--+ 
|                                 |      GBP000 | |      GBP000 | |  GBP000 | |      GBP000 | |      GBP000 | |   GBP000 | |      GBP000 |  |      GBP000 |  |   GBP000 |  | 
+---------------------------------+-------------+-+-------------+-+---------+-+-------------+-+-------------+-+----------+-+-------------+--+-------------+--+----------+--+ 
|                                 |             | |             | |         | |             | |             | |          | |             |  |             |  |          |  | 
+---------------------------------+-------------+-+-------------+-+---------+-+-------------+-+-------------+-+----------+-+-------------+--+-------------+--+----------+--+ 
| Revenue                         |     115,623 | |           - | | 115,623 | |     122,611 | |           - | |  122,611 | |     281,505 |  |           - |  |  281,505 |  | 
+---------------------------------+-------------+-+-------------+-+---------+-+-------------+-+-------------+-+----------+-+-------------+--+-------------+--+----------+--+ 
| Cost of sales                   |     (96,806 | )|           - | | (96,806 | )|    (102,849 | )|      (9,843 | )| (112,692 | )|    (236,339 | )|       1,471 |  | (234,868 | )| 
+---------------------------------+-------------+-+-------------+-+---------+-+-------------+-+-------------+-+----------+-+-------------+--+-------------+--+----------+--+ 
| Gross profit/(loss)             |      18,817 | |           - | |  18,817 | |      19,762 | |      (9,843 | )|    9,919 | |      45,166 |  |       1,471 |  |   46,637 |  | 
+---------------------------------+-------------+-+-------------+-+---------+-+-------------+-+-------------+-+----------+-+-------------+--+-------------+--+----------+--+ 
| Administrative expenses         |     (13,997 | )|           - | | (13,997 | )|     (12,582 | )|           - | |  (12,582 | )|     (27,769 | )|           - |  |  (27,769 | )| 
+---------------------------------+-------------+-+-------------+-+---------+-+-------------+-+-------------+-+----------+-+-------------+--+-------------+--+----------+--+ 
| Operating profit/(loss) before  |       4,820 | |           - | |   4,820 | |       7,180 | |      (9,843 | )|   (2,663 | )|      17,397 |  |       1,471 |  |   18,868 |  | 
| financing costs                 |             | |             | |         | |             | |             | |          | |             |  |             |  |          |  | 
+---------------------------------+-------------+-+-------------+-+---------+-+-------------+-+-------------+-+----------+-+-------------+--+-------------+--+----------+--+ 
| Financial income                |       1,363 | |           - | |   1,363 | |         764 | |           - | |      764 | |       2,304 |  |           - |  |    2,304 |  | 

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